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DELELOPING COMPETENCIES - EXAM PREPARATION & TUTORING

DELELOPING COMPETENCIES - EXAM PREPARATION & TUTORING

What You’re Not to ReadI would love it if you read every word of this book, but I realize that people lead busy lives and sometimes just want to get the specific information they need. So if you’re under a time crunch, you can safely skip the following without jeopardizing your understanding of the subject at large:

✓ Material marked with a Technical Stuff icon: FREE ACCA STUDY MATERIALS These paragraphs contain extra auditing and accounting information that, although useful, isn’tcritical to your understanding of the topic at hand. ✓ Sidebars: These gray-shaded boxes contain asides that I think you’ll find interesting but that, again, aren’t vital to your auditing knowledge. Foolish Assumptions I assume you don’t have more than a rudimentary knowledge of auditing and accounting, FREE ACCOUNTING BOOKS and I’m guessing you’re one of the following people: ✓ A college auditing student who just isn’t “getting it” ACCA STUDY MATERAILS by reading (and rereading) the auditing textbook. (I’ve seen that deer-in-the-headlights look many times in my classroom.) ✓ A non-accounting student currently enrolled in either business or liberal arts who’s considering changing his major to accounting, specifically auditing. ✓ A business owner (particularly someone operating a small business with gross receipts of under $1 million) who’s facing an audit of her financialstatements and wonders what to expect. ✓ A brand-new auditor who needs a plain-talk explanation FREE DOWNLOAD FOR PDF of auditing concepts.(So the next time your audit supervisor asks you to trace a transaction, instead of being stressed out because you’ve drawn a blank on whatthis term means, you can whip out Auditing For Dummies to quickly reference an example.)EXAM PREPARATION & TUTORING Although some accounting graduates go immediately to work for big accounting firms (working mostly on audits of publicly traded corporations), the majority of new auditing grads start out doing audits of private companies. Therefore, I direct the majority of this book’s content to those individuals.However, four chapters of this book (Chapters 3, 17, 18, and 20) contain information about the Public Company Accounting Oversight Board (PCAOB),a private-sector, nonprofit corporation created by the Sarbanes-Oxley Act of 2002 to oversee auditors of public companies and PCAOB’s related auditingstandards.

How This Book Is OrganizedTo help you find the auditing facts you need, this book is organized into parts that break down the subject of auditing into easily digestible portions thatrelate to one another.Part I: Getting an Auditing InitiationThis part introduces you to the world of auditing. For the business owner, it provides information about the education, training, certification, and experience of the stranger who comes into your business asking about private accounting facts. Brand new auditors and auditing students receive an initiation into the types of tasks they’re expected to perform during a typical day FREE DOWNLOAD FOR PDF on the job. You also find out about the auditor’s code of conduct and how auditors decide whether to accept a company as an audit client. (Hint: It’s not all about the money!)Part II: Performing theInitial Auditing StepsIn this part, EXAM PREPARATION & TUTORING I lay the foundation of what you’ll be doing during the audit. Your work starts with finding out about your client and the types of services itrequires. I tell you everything you need to know about audit risk, which is the risk that you won’t issue an appropriate opinion about your client’s financial statements. I include information on how to collect the right type of evidence to support your decisions and how to assess the reliability of your client’s records. Lastly, I discuss the fact that you don’t look at all your client’s records during an audit — you select a sample of records instead.Part III: Auditing How a ClientConducts BusinessNow, you’re ready for the fun part! You dig in and get your hands dirty by selecting samples of business process records to confirm what your clienthas on its income statement and balance sheet. Business processes include.